With crude oil so expensive, they can't make money
(NEWSER) - Add one more victim to the soaring price of petroleum—refineries. Yes, despite gas prices rising another 6% in February, refineries in the US Northeast are shutting down because they're losing money, reports Wall Street Journal . And with Philadelphia-based Sunoco set to close the largest refinery in the region in July, expect gas prices to keep going higher. "Our Northeast refining business has lost nearly a billion dollars in the past three years, and those losses have threatened Sunoco's very existence as a company," said a Sunoco spokesman. More»
